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    Air Products and Chemicals Inc (APD)

    Board Change

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    Air Products and Chemicals, Inc. (APD) is a global leader in the industrial gases sector, focusing on energy, environmental, and emerging markets. The company produces essential industrial gases such as oxygen, nitrogen, argon, hydrogen, and helium, serving industries like refining, chemicals, metals, electronics, manufacturing, medical, and food . APD also designs and manufactures equipment for air separation, hydrocarbon recovery, and purification, as well as liquid helium and hydrogen transport and storage . A significant portion of its revenue is generated through long-term on-site supply contracts, and the company is a major player in the clean hydrogen market, supporting the transition to low- and zero-carbon energy .

    1. Industrial Gases - Produces and supplies essential industrial gases such as oxygen, nitrogen, argon, hydrogen, and helium to various industries including refining, chemicals, metals, electronics, manufacturing, medical, and food .
    2. Clean Hydrogen - Develops and operates large-scale projects in the clean hydrogen market, focusing on low- and zero-carbon energy solutions for industrial and heavy-duty transportation sectors .
    3. Equipment Products - Designs and manufactures equipment for air separation, hydrocarbon recovery, and purification, as well as liquid helium and hydrogen transport and storage, including turbomachinery and cryogenic containers .
    NamePositionStart DateShort Bio
    Seifi GhasemiChairman, President, and Chief Executive OfficerJuly 2014Seifi Ghasemi has been serving as the Chairman, President, and CEO of Air Products since July 2014. He has extensive management experience in the industrial gases and specialty chemicals industries, previously serving as Chairman and CEO of Rockwood Holdings, Inc. .
    Melissa N. SchaefferExecutive Vice President and Chief Financial OfficerOctober 2024Melissa N. Schaeffer became the Executive Vice President and CFO in October 2024. She joined Air Products in 2016 and has held various roles, including Vice President, Finance – GEMTE, Americas, Middle East, and India .
    Sean D. MajorExecutive Vice President, General Counsel and Secretary2017Sean D. Major has been serving as the Executive Vice President, General Counsel, and Secretary since 2017. He previously held the same position at Joy Global Inc. .
    Ivo BolsPresident, Europe and Africa2017Ivo Bols has been the President, Europe and Africa since 2017. He joined Air Products in 1988 and has served in various roles, including Vice President and General Manager for different regions and product lines .
    Wolfgang BrandPresident, Project Delivery and TechnicalJuly 2024Wolfgang Brand assumed the role of President, Project Delivery and Technical in July 2024. He joined Air Products in May 2020 and previously served as Vice President, NEOM Green Hydrogen .
    Victoria BrifoExecutive Vice President, Chief Human Resources OfficerOctober 2024Victoria Brifo became the Executive Vice President and Chief Human Resources Officer in October 2024. She joined Air Products in 2001 and has held various leadership roles, including Global Diversity Director .
    Brian GalovichExecutive Vice President, Chief Information OfficerOctober 2024Brian Galovich became the Executive Vice President and CIO in October 2024. He joined Air Products in December 2020 and previously worked at United Technologies Corporation for 24 years .
    Ahmed HababouPresident, Middle East and IndiaFebruary 2023Ahmed Hababou has been the President, Middle East and India since February 2023. He joined Air Products in 2002 and has held various roles, including Vice President, Green Hydrogen .
    Kurt LefeverePresident, AsiaJune 2024Kurt Lefevere has been serving as the President, Asia since June 2024. He joined Air Products in 1994 and previously served as Vice President, Northern Europe .
    Francesco MaionePresident, AmericasDecember 2020Francesco Maione has been the President, Americas since December 2020. He joined Air Products in 1998 and has held various roles, including President of Atmospheric Gases, Americas .
    Wilbur MokPresident, Equipment BusinessesJuly 2024Wilbur Mok has been the President of Equipment Businesses since July 2024. He joined Air Products in 1986 and previously served as President, Asia .
    Walter L. NelsonSenior Vice President, Global Helium and Rare GasesAugust 2024Walter L. Nelson became the Senior Vice President, Global Helium and Rare Gases in August 2024. He joined Air Products in 1990 and has been involved in the company's helium business in various positions .
    Bob PatelDirector CandidateN/ABob Patel is a seasoned executive with 35 years of experience in the global chemicals and materials industry. He has held significant leadership roles, including former CEO of W.R. Grace and LyondellBasell .
    Alfred SternDirector CandidateN/AAlfred Stern is the Chairman of the Executive Board and CEO of OMV Aktiengesellschaft since September 2021. He has extensive international business management experience and expertise in chemicals innovation .
    1. Given that only 35% of the production capacity at the NEOM green hydrogen project has been contracted on a take-or-pay basis so far, how confident are you in securing offtake agreements for the remaining capacity before the project's completion at the end of 2026?

    2. With permits for the Louisiana blue hydrogen project expected to be issued in 2025 and 2026, and considering that your net cash flow projections starting in 2027 do not include project financing or equity partnerships, what are the risks of potential delays or cost overruns impacting these financial targets?

    3. The Middle East and India segment has shown declines due to reduced merchant demand and pricing pressures, particularly in the United Arab Emirates. What strategies are you implementing to address these challenges and improve performance in this region?

    4. After exiting the proposed $4.5 billion green hydrogen joint venture in Northern Texas, how does this decision affect your overall clean hydrogen strategy, and are there concerns about meeting internal return targets for future clean energy projects?

    5. With the LNG business contributing about 4% of earnings (approximately $0.49 per share) and now being discontinued, how do you plan to offset this 4% headwind in FY2025 to maintain your growth trajectory?

    Program DetailsProgram 1
    Approval Date15 September 2011
    End Date/DurationNo expiration date
    Total additional amount$1.0 billion
    Remaining authorization$485.3 million
    DetailsNo shares purchased since fiscal year 2013. Focus on high-return projects over buybacks
    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt Calculation
    2025$611.6 Other variable-rate, Eurobonds, Chinese Renminbi, Foreign finance lease obligations 7.11, 1.000, 5.5, 10.8 4.2% = (611.6 / 14,485.5) * 100
    2026$716.3 Series E, Note, Saudi Riyal Loan Facility, New Taiwan Dollar Loan Facility 7.6, 1.50, 2.00, 2.66, 2.72 4.9% = (716.3 / 14,485.5) * 100
    2027$1,292.5 Note, Saudi Riyal Loan Facility, Chinese Renminbi, Non-Recourse Debt 1.85, 7.35, 5.5 8.9% = (1,292.5 / 14,485.5) * 100
    2028$760.5 Eurobonds, New Taiwan Dollar Loan Facility 0.500, 1.86 5.3% = (760.5 / 14,485.5) * 100
    2029$977.7 Note 4.60 6.7% = (977.7 / 14,485.5) * 100
    Thereafter$10,126.9 Various (e.g., Eurobonds, Notes, Industrial Revenue Bonds) 0.800 to 5.7 69.9% = (10,126.9 / 14,485.5) * 100
    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLPJuly 24, 2018 PresentCurrent auditor.
    KPMG LLP2002 September 30, 2018 The Audit and Finance Committee conducted a competitive process.

    Recent developments and announcements about APD.

    Corporate Leadership

      Board Change

      ·
      Nov 18, 2024, 12:00 AM

      David H.Y. Ho and Matthew H. Paull have decided to retire and will not stand for re-election to the Board of Directors of Air Products and Chemicals, Inc. at the 2025 Annual Meeting of Shareholders. Their retirements will be effective immediately after the conclusion of the Annual Meeting . Bhavesh V. 'Bob' Patel and Alfred Stern are nominated for election to the Board at the 2025 Annual Meeting .

      Leadership Change

      ·
      Nov 18, 2024, 12:00 AM

      David H.Y. Ho and Matthew H. Paull are retiring from the Board of Directors of Air Products and Chemicals, Inc. They will not seek re-election at the 2025 Annual Meeting. There are no disagreements with the company that led to their decision . Bob Patel and Alfred Stern are nominated as new independent directors. Patel brings 35 years of experience in the global chemicals and materials industry, while Stern has 29 years of experience in leading global energy and chemicals companies .